Wagering against Uncle Sam can be a sucker bet. Just ask Andy Redleaf, the chief executive of
Whitebox Advisors, a $2.3 billion hedge fund known for its savvy fixed-income
plays.
“We’ve been short Treasurys since sometime in ’09, which has
been painful,” Redleaf said. Still, Redleaf is in good company. Other big hedge
funds who are bearish on US government debt include Paul Singer of Elliott
Management, Michael Novogratz of Fortress Investment Group and Seth Klarman of
Baupost Group.
When Treasury yields hit 3.0 percent in the middle of 2009,
the smart money thought they could go no lower, but yields have been sinking
just about ever since.
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